I am nearing exchange of contracts for my flat in Axmouth and Branscombe and the EA has just telephoned to say that the buyers are switching law firm. The reason given is that the bank will only deal with property lawyers on their conveyancing panel. On what basis would a major mortgage company only deal with specific solicitors rather the firm that they want to choose for their conveyancing in Axmouth and Branscombe ?
Lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions attribute this action to a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any sway in the decision.
The Axmouth and Branscombe conveyancing firm handling our Axmouth and Branscombe conveyancing has uncovered an inconsistency between the surveyor’s assumptions in the valuation survey and what is in the conveyancing documents. My lawyer has advised that he must check that the bank is OK with this discrepancy and is content to go ahead. Is my conveyancer’s stance correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
We had chosen conveyancing lawyers locally in Axmouth and Branscombe on the Aldermore solicitor approved list. They have just invoiced me a supplemental sum for handling the Aldermore mortgage. Is this an additional conveyancing fee specified by Aldermore?
As unfair as it may appear, as long as it’s in their Terms and Conditions or estimate then yes your conveyancing practitioner may levy a fee for this. The charge is not set by Aldermore but by your Axmouth and Branscombe lawyer. Some firms on the Aldermore panel will charge an ‘acting for lender’ fee and others do not.
We expect to receive a DIP from Virgin Money this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Virgin Money recommend any Axmouth and Branscombe solicitors on the Virgin Money conveyancing panel, or is it better to go independently?
You will need to appoint Axmouth and Branscombe solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.
After weeks of negotiation I have agreed a price on an apartment in Axmouth and Branscombe. My mortgage broker suggested a property lawyer. I paid an upfront payment of £200. Soon after, the property lawyer called me to say that they were not on the HSBC conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the HSBC panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have been told that property searches are the primary cause of hinderance in Axmouth and Branscombe conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Axmouth and Branscombe.
What does commercial conveyancing in Axmouth and Branscombe cover?
Axmouth and Branscombe conveyancing for business premises incorporates a wide range of guidance, given by regulated solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
My fiance and I are buying a four room housein Axmouth and Branscombe with a loan from a lender. We have selected a solicitor in Axmouth and Branscombe yet our mortgage company inform us now that he's not approved on their "panel". Apparently we need to choose from the our bank panel firms or stay with our Axmouth and Branscombe solicitor and incur the extra fees for one of their panel ones to represent our lender. This seems very unfair; is there anything we can do?
No, not really. The lender mortgage offered to you is subject to conditions, one of which will be that solicitors will on the mortgage company's conveyancing panel. in the past, most banks had large numbers of law firms on their panels, including almost all conveyancing solicitors in Axmouth and Branscombe : a mortgagee could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for your mortgage company.